X and Y entered into partnership on 1.4.2016. On 1.1.2017 they admitted Z as a new
partner for 1/6th share in the profits which he acquired equally from X and Y. The new
profit sharing ratio of X Y and Z was 3:2:1. Calculate the profit sharing ratio of X and Y
at the time of forming the partnership.
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X and Y entered into partnership on 1.4.2016. On 1.1.2017 they admitted Z as a new partner for 1/6th share in the profits which he acquired ...
Answer:
Profit of 1,20,000 is to be distributed among partners as such
X= 1,20,000*3/6=60,000
Y=1,20,000*2/6=40,000
Z=1,20,000*1/6= 20,000
As Z's guaranteed profit is 36,000 for one year. So, for 9 months its (36000*9/12) = 27,000. The deficiency of Z is to be contributed by X. So, 7000(27,000-20,000) is paid by X.
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